Major conversion means a conversion of an existing ship:
Forced Conversion has the meaning set forth in Section 4.05(c) hereof.
Applicable Conversion Price means the Conversion Price in effect at any given time.
Initial Conversion Price has the meaning specified in Section 13.01.
Optional Conversion means the conversion of any Convertible Preferred Stock other than a Mandatory Conversion.
Continuation/Conversion Notice means a notice of continuation or conversion and certificate duly executed by an Authorized Officer of the Borrower, substantially in the form of Exhibit C hereto.
Continuation/Conversion Date means the date on which a Loan is converted into or continued as a LIBOR Rate Loan.
Applicable Conversion Rate means the Conversion Rate in effect at any given time.
Conversion condominium means a condominium containing structures which before the recording of the declaration, were wholly or partially occupied by persons other than those who have contracted for the purchase of condominium units and those who occupy with the consent of such purchasers.
Fixed Conversion Price shall have the meaning set forth in Section 4(b).
Forced Conversion Notice has the meaning set forth in Section 4.05(c) hereof.
Forced Conversion Date shall have the meaning set forth in Section 6(d).
Forced Conversion Notice Date shall have the meaning set forth in Section 6(d).
Base Conversion Price shall have the meaning set forth in Section 5(b).
New Conversion Price means the amount determined in accordance with the following formula, which shall apply from the QTE Effective Date: NCP = ECP * (VWAPAES / VWAPOS) where:
Mandatory Conversion shall have the meaning set forth in Section 6.
Final Conversion Date means 5:00 p.m. in New York City, New York on the earlier to occur following the IPO of (i) the first Trading Day falling on or after the date on which the outstanding shares of Class B Common Stock represent less than ten percent (10%) of the aggregate number of shares of the then outstanding Class A Common Stock and Class B Common Stock, (ii) the tenth (10th) anniversary of the IPO or (iii) the date specified by affirmative vote of the holders of a majority of the outstanding shares of Class B Common Stock, voting as a single class.
Variable Conversion Price means the lesser of (i) the Conversion Price or (ii) 25% multiplied by the Market Price (as defined herein) (representing a discount rate of 75%). “Market Price” means the average of the lowest three (3) Trading Prices (as defined below) for the Common Stock during the ten (10) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. “Trading Price” means, for any security as of any date, the closing bid price on the Over-the-Counter Market, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. Bloomberg) or, if the OTCQB is not the principal trading market for such security, the closing bid price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the “pink sheets” by the National Quotation Bureau, Inc. If the Trading Price cannot be calculated for such security on such date in the manner provided above, the Trading Price shall be the fair market value as mutually determined by the Borrower and the holders of a majority in interest of the Notes being converted for which the calculation of the Trading Price is required in order to determine the Conversion Price of such Notes. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCQB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded, provided, however, that at no time, notwithstanding the occurrence of an Event of Default, may the Conversion Price be less than par value of Common Stock.
Conversion building means a building that at any time before creation of the common interest community was occupied wholly or partially by persons other than purchasers and persons who occupy with the consent of purchasers.
Default Conversion Price shall have the meaning set forth in Section 4(b).
Optional Conversion Date means, with respect to the Optional Conversion of any Convertible Preferred Stock, the first Business Day on which the requirements set forth in Section 10(d)(ii) for such conversion are satisfied.
Mandatory Conversion Date has the meaning set forth in Section 7(a).
Mandatory Conversion Notice has the meaning set forth in Section 4.7.C hereof.
Judgment Conversion Date as defined in subsection 10.8(a).
Forced Conversion Amount means the sum of (a) 100% of the aggregate Stated Value then outstanding, (b) accrued but unpaid dividends and (c) all liquidated damages and other amounts due in respect of the Preferred Stock.
Conversion Plan shall have the meaning given to such term in Section 2.05 of this Agreement.